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Great Portland agrees lease on Hanover Square restaurant space
10th Mar 2021 08:20
(Sharecast News) - Great Portland Estates announced on Wednesday that its GHS Limited Partnership joint venture has let the 9,350 square foot restaurant in the Grade II*-listed 20 Hanover Square, W1, to Colonial Property, for a New England-inspired concept across three floors of dining and social gathering.
The FTSE 250 company said Colonial had agreed a 20-year lease without break at an initial minimum rent of £0.6m per annum, plus a turnover top-up.
It said Colonial received a 24-month rent-free, plus a landlord contribution of £0.6m to be paid following completion of the fit-out.
The restaurant comprises three levels, being ground and two lower ground floors, with a 1,100 square foot raised external terrace overlooking the newly-created 8,400 square foot Medici Courtyard.
Great Portland said 20 Hanover Square forms part of the 1.3 acre mixed-use development on a premier garden square that comprised 18 Hanover Square, a new nine-level building incorporating the eastern entrance to the Elizabeth Line's Bond Street station, of which 111,000 square feet had already been pre-let to KKR and Glencore, and a separate building at 1 Medici Courtyard, containing 33,300 square feet of offices above 31,000 square feet of new flagship retail units on New Bond Street, and six luxury residential apartments totalling 12,700 square feet at the junction of New Bond Street and Brook Street, which had now all been sold.
"We're delighted that Colonial has chosen our world class Hanover Square development to open their first UK restaurant," said Great Portland Estates' leasing director Marc Wilder.
"The New England cuisine style and opulent fit out will combine to create the most exciting eating and drinking destination in the heart of Mayfair.
"We are also encouraged by the continuing strong occupier interest across a high proportion of the total remaining space within the scheme."
At 0823 GMT, shares in Great Portland Estates were down 0.4% at 695.8p.
The FTSE 250 company said Colonial had agreed a 20-year lease without break at an initial minimum rent of £0.6m per annum, plus a turnover top-up.
It said Colonial received a 24-month rent-free, plus a landlord contribution of £0.6m to be paid following completion of the fit-out.
The restaurant comprises three levels, being ground and two lower ground floors, with a 1,100 square foot raised external terrace overlooking the newly-created 8,400 square foot Medici Courtyard.
Great Portland said 20 Hanover Square forms part of the 1.3 acre mixed-use development on a premier garden square that comprised 18 Hanover Square, a new nine-level building incorporating the eastern entrance to the Elizabeth Line's Bond Street station, of which 111,000 square feet had already been pre-let to KKR and Glencore, and a separate building at 1 Medici Courtyard, containing 33,300 square feet of offices above 31,000 square feet of new flagship retail units on New Bond Street, and six luxury residential apartments totalling 12,700 square feet at the junction of New Bond Street and Brook Street, which had now all been sold.
"We're delighted that Colonial has chosen our world class Hanover Square development to open their first UK restaurant," said Great Portland Estates' leasing director Marc Wilder.
"The New England cuisine style and opulent fit out will combine to create the most exciting eating and drinking destination in the heart of Mayfair.
"We are also encouraged by the continuing strong occupier interest across a high proportion of the total remaining space within the scheme."
At 0823 GMT, shares in Great Portland Estates were down 0.4% at 695.8p.